The Global Seaweed Extract Market is expected to register a growth rate of 5.8% during the forecast period of 2019 to 2024 to reach USD 4.5 Billion by 2024. The nutritional aspect of these extracts has been extensively analyzed in recent years and has gained attention from several food and healthcare product manufacturers. Seaweed extracts are also used as plant growth regulators. They are proven to be more effective than chemical growth hormones. Thus, these factors are expected to boost market growth during the review period.
Seaweeds are a group of multicellular and photoautotrophic algae that are found in marine environments and are generally attached to rocks or a hard substratum. Due to its high nutrient content, seaweed is used in several applications, including food supplements, medicines, industrial chemicals, and as a potential component for biofuel research and carbon capture and sequestration (CCS). Furthermore, the presence of hormones such as gibberellins and auxins are augmenting the use of Seaweed Extracts Industry as agricultural fertilizers.
By application, has been segmented into food and beverage, agriculture and horticulture, pharmaceuticals and nutraceuticals, and others. The food and beverages segment is expected to garner the highest revenue share of the global seaweed extracts market. Seaweed is enriched with nutrients such as high iodine, calcium, magnesium, iron, vitamin. Also, seaweed extracts in jelly form are used as gelling and thickening agents in various processed food products such as dairy beverages, cream, cheese, and candies. Moreover, an increasing demand for organic food is expected to drive the growth of the global seaweed extracts market in the future.
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Some of the key players in the global seaweed extracts market are Grow More Inc. (US), Kelp Products International (South Africa), Algea, the Arctic Company (Norway), Shigawake Organics Ltd. (Canada), Ocean Organics, Natural and Organic Fertilizers (US), Mycsa AG (US), Humate (Tianjin) International Limited (China), Technaflora Plant Products Ltd (China), Suboneyo Chemicals & Pharmaceuticals P Limited (India), AlgAran Seaweed Products (Ireland), Chase Organics (UK), Tagrow Co. Ltd. (China), Quingdao Nanshan Seaweed Co. Ltd. (China), Aveeno Active Naturals (US), and West Coast Marine Bio-Processing Corp. (Canada).
The global seaweed extracts market has been segmented, by region, into North America, Europe, Asia-Pacific, and the rest of the world.
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North America is expected to be the fastest-growing seaweed extracts market during the forecast period owing to the increasing awareness regarding the mineral and vitamin content of seaweed extracts leading to their use as ingredients in various food & beverage products. Moreover, the rising demand for clean label and organic food products has led to the use of seaweed as a natural fertilizer in the agriculture industry.
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